§242.6. Property requirements.
24 C.F.R. § 242.6
The mortgage, to be eligible for insurance, shall be on property located in a state, as defined in § 242.1. The mortgage shall cover real estate in which the mortgagor has one of the following interests:
A fee simple title;
A lease for not less than 99 years that is renewable; or
A lease having a term of not less than 50 years to run from the date the mortgage is executed.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1709, 1710, 1715b, 1715n(f), and 1715u; 42 U.S.C. 3535(d).
Source
Source: 72 FR 67546, Nov. 28, 2007, unless otherwise noted.